In a statement released Wednesday, PdVSA, as the Venezuelan company is known, didn't specify what the discussions with Repsol would include. It noted, however, the state entity is in the process of "reviewing and advancing" agreements with its Spanish counterpart, as well as Italy's Eni .

Keywords:

By KEJAL VYAS

CARACAS -- State oil
monopoly Petroleos de Venezuela will host Repsol CEO Antonio
Brufau Thursday to discuss and review accords between the two
energy companies.

In a statement
released Wednesday, PdVSA, as the Venezuelan company is known,
didn't specify what the discussions with Repsol would include.
It noted, however, the state entity is in the process of
"reviewing and advancing" agreements with its Spanish
counterpart, as well as Italy's Eni.

Both Eni
and Repsol have maintained close relations with President Hugo
Chavez's government, which has laid out ambitious plans for
raising oil and gas production over the next several
years.

Critics, however, have raised doubts over Venezuela's ability
to sharply increase output, saying the government underinvests
in the oil industry and instead diverts funds to finance pet
social projects.

The European companies signed a contract
last year with PdVSA to develop Venezuela's large offshore
Perla natural gas field. In August, PdVSA said it expected to
reach its goal of producing 300 million cubic feet of gas daily
in the fourth quarter of 2013.

Eni
is also partnered with PdVSA to develop the Junin 5 oil bloc of
Venezuela's massive Orinoco heavy oil belt. The project, which includes the construction of upstream and
downstream facilities, is seen requiring around
$16 billion in investment in coming years.

Dow Jones Newswires

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